US mortgage applications fell by 2.7% week-on-week in the seven days ended 19 April, trimming the 3.3% increase from halfway through the month to mark the sharpest weekly decline since early February, according to the Mortgage Bankers Association of America.
Source: Sharecast
Last week's decline in mortgage applications came as mortgage rates jumped 11 basis points to 7.24%, the highest level seen since November, amid hotter-than-expected economic data and stubborn inflation led to sharp selling pressure for US Treasuries.
Applications to refinance a home loan fell 6% for the week, while applications for a mortgage to purchase a home fell 1% week-on-week.
Reporting by Iain Gilbert at Sharecast.com
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